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Rakesh Brijal Jain v. State of Maharashtra (Bombay High Court)
Bombay High Court: Prevention of Money Laundering Act, 2002 . S. 2(1)(u) : “Proceeds of crime” means any property derived or obtained directly by property derived or obtained directly or indirectly ,by any person as a result of criminal activity relating to a schedule offence or value of any such property - Offence of money laundering – Punishment… Read More ...
Viswaat Chemicals Ltd. v. UOI (Bombay High Court)
Bombay High Court: Goods and Service Tax Act , 2017 S.73 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any willful -misstatement or suppression of facts- Challenge against show cause notice under the CGST-Writ against show cause notice is dismissed-Alternative remedy-No… Read More ...
THE PR. COMMISSIONER OF INCOME TAX – INTERNATIONAL TAXATION versus SAMSUNG ELECTRONICS CO. LTD (Delhi High Court)
Delhi High Court: Whether secondment of employees constitutes a Fixed Place Permanent Establishment [“PE”] in India within the meaning of Article 5 of the Double Tax Avoidance Treaty between India and Korea (i) Although information was exchanged and plans and strategies for the Indian market were also discussed, none of the activities undertaken by those seconded employees could… Read More ...
Jayant Avinash Dave v. ACIT (Bombay High Court)
Bombay High Court: S. 147 : Reassessment-After the expiry of four years-Short term capital loss-Long term capital gains-No specific allegation in the reopening notice to disclose any material facts- Reasons for reopening were based entirely on records already available during the original assessment- Reopening notice, order disposing the objection order, reassessment order, and the demand notice is quashed… Read More ...
ACIT v. Jay Bharat Mehta (ITAT Mumbai)
Mumbai Tribunal : S. 54F : Capital gains-Investment in a residential house-Joint property purchase with wife-Joint transfer for consideration-The wife's inclusion in the property title was deemed nominal and for convenience-Denial of exemption is not valid. [S. 45, Transfer of Property Act, 1882, S. 45] The assessee claimed deduction under section 54F in respect of purchase of house… Read More ...
ACIT v. Jay Bharat Mehta (ITAT Mumbai)
Mumbai Tribunal : S. 68 : Cash credits-Sale of shares-Explained the nature and source-Investment and the transaction was part of a larger acquisition by KKR Group-Order of CIT(A) deleting the addition is affirmed. [S. 115BBE, 133(6)] Assessee sold 22,62,512 equity shares of J.B. Chemicals and Pharmaceuticals Ltd. (JBCPL) to Tau Investment Holdings Pte. Ltd. for ₹168.55 crore. He… Read More ...
Laxminath Investment & Management Consultants Pvt. Ltd (Bombay High Court)
Bombay High Court: S. 127 : Power to transfer cases-Transferring the case from the Jurisdictional officer in Mumbai to the counterpart in New Delhi-No agreement between the Principal Commissioners of Mumbai and Delhi for the proposal of such a transfer -Compliance of natural justice-Transaction with specific group-Coordinated and centralised investigation -Transfer is valid-Writ petition is dismissed. [S. 127(2),… Read More ...
PCIT v. Tata Industries Ltd (Bombay High Court)
Bombay High Court: S. 37(1) : Business expenditure–Upfront fees and brokerage fees–Non -convertible debentures – Year of allowability –If the tax rate is uniform in two years then, the deduction whether claimed by the assessee in the year one or two is of no consequence to the revenue- The revenue expenditure is to be allowed in the year… Read More ...
PCIT v. Pravin U. Parmar (Jain) (Bombay High Court)
Bombay High Court: S. 69C : Unexplained expenditure-Bogus purchases-Order of Tribunal affirming the 7% of GP rate is affirmed-No substantial question of law. [S. 143(3), 260A] The ITAT has restricted the addition only to the extent of 7 % of GP in respect of alleged bogus purchases. On appeal by the Revenue the dismissing the appeal the Court… Read More ...
C.C. Dangi & Associates v. UOI (Bombay High Court)
Bombay High Court: S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice Principle of Natural Justice-Non-Application of Mind by Authorities-Role of Principal Commissioner of Income Tax (PCIT)-Approval under Section 151-Strictures-Interplay Between CGST Act and Income Tax Act-Costs and Accountability of Tax Authorities-The High Court held that the reopening of assessment under Section 148 was invalid as… Read More ...